2011 annual housing market survey
DESCRIPTION
2011 Annual Housing Market Survey. Median Sales Price Of Homes Sold In California. Q. What was the final sales price of the property?. Home Price Appreciation California Y-t-Y % Change. 2 of 5 Homes Sold Were Distressed Properties. - PowerPoint PPT PresentationTRANSCRIPT
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The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this report by any means, including facsimile or computerized formats. Copyright © 2010 CALIFORNIA ASSOCIATION OF REALTORS®
2011 Annual Housing Market Survey
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$325,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
86 88 90 92 94 96 98 00 02 04 06 08 10
Median Sales Price Of Homes Sold In California
Q. What was the final sales price of the property?
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Home Price Appreciation California Y-t-Y % Change
-9.7%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2000 2002 2004 2006 2008 2010
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20% 20%
59%
0%
20%
40%
60%
REOs Short Sales Equity Sales
2008 2009 2010 2011
2 of 5 Homes Sold WereDistressed Properties
Q. Was the property purchased/sold as a foreclosure, REO, short sale, or none of the above?
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$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2008 2009 2010 2011
Equity Sales REO Sales Short Sales
Median Price (By Type of Sales)
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Shares of Distressed Property By Regions
CaliforniaSouthern California
S.F. Bay Area
Rest Of California
Foreclosures 2% 2% 0% 2%
REO 20% 19% 14% 27%
Short Sales 20% 21% 19% 19%
% of Distressed Sales to Total Sales 41% 42% 33% 48%
Q. Was the property purchased/sold as a foreclosure, REO, short sale, or none of the above?
2011
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Equity vs. REO vs. Short Sales
Equity Sales REO Sales Short Sales
Share of Total Sales 58.7% 19.7% 20.2%
Median Home Price $431,000 $240,000 $287,000
Square Footage 1,783 1,500 1,600
Price / SF $250 $112 $175
Sales-to-List Price Ratio 95.9% 98.0% 95.9%
% of Sales With Multiple Offers 35.2% 58.3% 57.5%
Avg. Number of Offers 3.0 3.0 3.6
% of All Cash Sales 25.5% 34.0% 23.3%
Days on MLS 67 50 141
Days in Escrow 35 35 45
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Nearly 1/3 of Sellers Sold Because Their Properties Were in Distressed Status
30%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2000 2002 2004 2006 2008 2010
Q. What was the single most important reason for selling/buying the property?
% of Homes Sold Due to Foreclosure/Short Sale/Default
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Reasons For SellingAll Home Sellers
0% 5% 10% 15% 20% 25% 30% 35%
Foreclosure/Short Sale/Default
Change in Family Status
Retirement/Move to Retirement Community
Investment/ Tax Consderations
Desired Better Location
Desired Smaller Home
Changed Jobs
Desired Larger Home
Other
Q. What was the single most important reason for selling/buying the property?
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Top Reasons For Selling Home By Type of Sales
Q. What was the single most important reason for selling/buying the property?
Equity Sales REO SalesShort Sales
Foreclosure/Short Sale/Default 2% 93% 83%
Change in Family Status 18% 2% 5%
Retirement/Move to Retirement Community 16% 2% 2%
Investment/ Tax Considerations 12% 2% 2%
Desired Better Location 14% 0% 1%
Desired Smaller Home 9% 0% 1%
Changed Jobs 7% 0% 3%
Desired Larger Home 7% 0% 2%
Other 15% 2% 2%
Total 100% 100% 100%
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$75,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
$240,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Net Cash To Sellers
Q. What was the net cash gain or net loss to the seller as a result of this sale?
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Sellers with a Net Cash Loss
21.8%
0%
5%
10%
15%
20%
25%
30%
35%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Q. What was the net cash gain or net loss to the seller as a result of this sale?
Long Run Average = 11.2%
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Sellers with a Net Cash LossEquity Sales vs. REO Sales vs. Short Sales
Q. What was the net cash gain or net loss to the seller as a result of this sale?
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Home Seller Profile(By Type of Sales)
Equity Sales
REO Sales
Short Sales
Median Age of Sellers 60 48 45
Median Household Income $100,000 $49,000 $55,500
Years Seller Lived in Home 10 1 6
Percent of Sales with Net Cash Loss 11.9% 44.0% 44.9%
Median Net Cash Gain/Net Cash Loss to Seller $115,500 $0 $0
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Seller Household Formation(By Type of Sales)
Equity Sales
REO Sales
Short Sales
Single 29.5% 2.8% 31.4%
Married Couple with Dependents 22.6% 3.7% 39.3%
Married Couple without Dependents 28.3% 0.9% 15.0%
2 or More Individuals (Related or Unrelated) 10.7% 2.8% 11.4%
Banks/Lending Institutions 0.0% 86.0% 2.1%
Other 8.9% 3.7% 0.7%
Total 100.0% 100.0% 100.0%
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Home Buyer Profile(By Type of Sales)
Equity Sales
REO Sales
Short Sales
Median Age of Buyers 45 42 42
Median Household Income $100,000 $75,000 $100,000
% of First Time Buyers 29.3% 43.3% 36.7%
% of Foreign Buyers 6.4% 3.8% 5.1%
Median Down Payment $79,300 $10,553 $44,000
% of Down Payment 20.0% 5.0% 20.0%
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Share of First-Time Buyers Fell Below Average
Q. Was the buyer a first-time buyer?
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Share of First-Time Buyers(Equity Sales)
32%
43%40%
29%
0%
10%
20%
30%
40%
50%
60%
2008 2009 2010 2011
% First-Time Home Buyers
Q. Was the buyer a first-time buyer?
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Share of First-Time Buyers(REO Sales)
47%52%
48%43%
0%
10%
20%
30%
40%
50%
60%
70%
2008 2009 2010 2011
% First-Time Home Buyers
Q. Was the buyer a first-time buyer?
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Share of First-Time Buyers(Short Sales)
41%
51%
37%
54%
0%
10%
20%
30%
40%
50%
60%
70%
2008 2009 2010 2011
% First-Time Home Buyers
Q. Was the buyer a first-time buyer?
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Foreign Buyers
8%
5%6%6%
0%
2%
4%
6%
8%
10%
2008 2009 2010 2011
% of Foreign Buyers
Q. Was the buyer a first-time buyer?
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Country of Foreign Buyer
• China (31.3%)
• India (18.8%)
• Canada (10.4%)
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Foreign Buyers
Q. Was the buyer a foreigner from overseas?
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Buyer Household Formation(By Type of Sales)
Equity Sales
REO Sales
Short Sales
Single 25.8% 31.6% 35.1%
Married Couple with Dependents 35.5% 32.9% 32.4%
Married Couple without Dependents 27.6% 19.1% 19.6%
2 or More Individuals (Related or Unrelated) 10.6% 12.5% 10.1%
Other 0.4% 3.9% 2.7%
Total 100.0% 100.0% 100.0%
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Reasons For BuyingAll Home Buyers
Q. What was the single most important reason for selling/buying the property?
0% 5% 10% 15% 20% 25%
Tired of Renting
Desired Larger Home
Investment/ Tax Consderations
Desired Better Location
Change in Family Status
Changed Jobs
Foreclosure/Short Sale/Default
Desired Smaller Home
Retirement/Move to Retirement Community
Other
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Top Reasons For Buying Home(By Type of Sales)
Q. What was the single most important reason for selling/buying the property?
Equity Sales REO SalesShort Sales
Tired of Renting 18% 22% 23%
Desired Larger Home 20% 16% 12%
Investment/ Tax Considerations 12% 26% 21%
Desired Better Location 20% 10% 13%
Change in Family Status 6% 7% 6%
Changed Jobs 7% 2% 6%
Foreclosure/Short Sale/Default 1% 8% 12%
Desired Smaller Home 4% 3% 1%
Retirement/Move to Retirement Community 3% 1% 2%
Other 10% 7% 4%
Total 100% 100% 100%
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Reasons For BuyingFirst Time Homebuyers Vs. Repeat Homebuyers
Q. What was the single most important reason for selling/buying the property?
0% 10% 20% 30% 40% 50%
Tired of Renting
Desired Larger Home
Investment/ Tax Consderations
Desired Better Location
Change in Family Status
Changed Jobs
Foreclosure/Short Sale/Default
Desired Smaller Home
Retirement/Move to Retirement Community
Other
First-Time Buyers Repeat Buyers
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Buyers’ Usage of Property By Type of Sales
Q. How was/will the property (be) occupied?
Equity Sales REO Sales Short Sales
Primary Residence 82% 68% 74%
Vacation/Second Home 8% 7% 3%
Investment/Rental Property 10% 25% 24%
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Buyers Usage of Property
81.7%
68.2%73.5%
7.9% 6.6%2.6%
8.8%
19.2%22.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Non-Distressed REO Short Sales
Primary Residence Vacation/Second HomeInvestment to Flip Investment as Rental
Q. How was/will the property (be occupied)?
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Sellers Usage of Property
74.0%
61.1%
85.8%
13.3%6.9%
11.1%
0.8%
10.4% 11.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Non-Distressed REO Short Sales
Primary Residence Vacation/Second Home
Investment to Flip Investment as Rental
Q. How was/will the property (be occupied)?
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Buyers Who Bought for Investment/Tax Considerations Dipped Slightly
Long Run Average = 12.1%
Q. What was the single most important reason for selling/buying the property?
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More Buyers Purchasing Investments & Second/ Vacation Homes
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45%
3.5
0%
10%
20%
30%
40%
50%
60%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
1
2
3
4
5
6% with Multiple Offers
# of Multiple offers (Average)
Buyers Continue to Face Highly Competitive Market
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69%
0%
20%
40%
60%
80%
100%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Percent with Price Discount
Long Run Average = 68%
Q. What was the original list sales price of the property? What was the final sales price of the property?
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Equity Sales Are More Likely to Be Sold Below the List Price
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0%
1%
2%
3%
4%
5%
6%
7%
8%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
2
4
6
8
10
12
14
16Med. Price DiscountMed. Weeks on MLS
Median Price Discount And Weeks On Market
Q. What was the original list sales price of the property? What was the final sales price of the property? How many weeks did the property remain on the MLS?
3.9%, 10.5 weeks
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$52,400
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Median Downpayment
Q. What was the amount of downpayment?
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$52,400
20%
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2000 2002 2004 2006 2008 2010
0%
5%
10%
15%
20%
Median Down Payment % of Down Payment to Price
Down Payment
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$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2008 2009 2010 2011
0%
5%
10%
15%
20%
Median Down Payment % of Down Payment to Price
Down Payment(Equity Sales)
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$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2008 2009 2010 2011
0%
5%
10%
15%
20%
Median Down Payment % of Down Payment to Price
Down Payment(REO Sales)
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$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2008 2009 2010 2011
0%
5%
10%
15%
20%
Median Down Payment % of Down Payment to Price
Down Payment(Short Sales)
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Cash Source for Down PaymentEquity vs. REO vs. Short Sales
Q. What was the source of the cash the buyer used for a downpayment or to purchase the residence?
Equity Sales
REO Sales
Short Sales
Personal savings 57.9% 64.9% 63.4%
Borrowed or gift from relatives 10.3% 10.3% 12.6%
Proceeds from sale of previous residence 15.0% 4.2% 6.9%
Sale of personal assets other than real property 9.9% 9.7% 9.7%
Proceeds from sale or refi of another property 1.6% 3.0% 0.6%
Inheritance 1.2% 3.0% 2.9%
Other 4.1% 4.9% 4.0%
Total 100.0% 100.0% 100.0%
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Median Down PaymentFirst-Time Homebuyers Vs. Repeat Homebuyers
$18,473
$75,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
First-Time Buyers Repeat Buyers
Q. What was the amount of downpayment?
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0%
10%
20%
30%
40%
50%
2000 2002 2004 2006 2008 2010
All Hombuyers First-Time BuyersRepeat Buyers
Percent of Buyers with Zero Down PaymentFirst-Time Buyers vs. Repeat Buyers
4.3%
3.9%
3.0%
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Cash Source for Down PaymentFirst-Time Buyer vs. Repeat Buyer
Q. What was the source of the cash the buyer used for a downpayment or to purchase the residence?
First-time Buyers
Repeat Buyers All Buyers
Personal savings 66.3% 57.0% 60.2%
Proceeds from sale of previous residence 0.0% 16.9% 11.1%
Borrowed or gift from relatives 20.0% 6.2% 10.9%
Sale of personal assets other than real property 7.0% 11.2% 9.5%
Inheritance 2.3% 1.8% 1.9%
Proceeds from sale or refi of another property 0.0% 2.4% 1.7%
Other 4.3% 4.5% 4.8%
Total 100.0% 100.0% 100.0%
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Repeat Buyers Rely on Personal Savings As Down Payment
0
10
20
30
40
50
60
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Sale of Previous Residence Savings
Q. What was the source of the cash the buyer used for a downpayment or to purchase the residence?
% o
f R
epea
t B
uye
rs
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Percent of All Cash
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Percent of All Cash(Investments & Second/ Vacation Homes)
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42.1%
$2,225
0%
20%
40%
60%
80%
100%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
$0
$400
$800
$1,200
$1,600
$2,000
$2,400% needs Repair
Median Repair Costs/Price Adjustment
Repair Costs/Price Adjustments
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$20,000
$10,000 $10,000
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Equity Sales REO Short Sales
Amount Spent/Plan to Spend on Property Rehab
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Proportion of Home Sellers Planning to Repurchase
37.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q. Is the seller planning on purchasing another home?
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Location of Seller’s New Home
Q. Where will the seller’s new home be located?
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Within the same county 44% 50% 48% 43% 38% 41% 37% 45% 47% 42% 49%
In another county in California 27% 24% 23% 19% 23% 18% 24% 17% 21% 21% 19%
In another state 20% 18% 23% 30% 31% 28% 29% 27% 19% 20% 20%
Out of US 2% 1% 2% 1% 1% 2% 1% 1% 2% 1% 1%
Don't Know/Not sure 6% 6% 5% 8% 7% 11% 9% 10% 12% 16% 10%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
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Reasons Sellers Not Planning to Buy Another Home
Q. Why is the seller not planning to purchase another home?
40.0%
2.7%
4.7%
4.9%
5.7%
10.9%
11.4%
19.8%
0% 10% 20% 30% 40% 50%
Seller is a lender/bank
Seller prefers to have less financial obligation
Poor credit background
Lack of cash for down payment
Out of work/unemployment
Decide to live with family/friends
Waiting for market to bottom
Other
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Reasons Sellers Not Planning to Buy Another Home
Q. Why is the seller not planning to purchase another home?
Equity Sales REO SalesShort Sales
Seller is a lender/bank 0% 83% 2%
Seller prefers to have less financial obligation 18% 1% 11%
Poor credit background 1% 7% 34%
Lack of cash for down payment 4% 1% 13%
Out of work/unemployment 1% 1% 12%
Decide to live with family/friends 7% 0% 7%
Waiting for market to bottom 3% 0% 4%
Other 67% 7% 16%
Total 100% 100% 100%
![Page 55: 2011 Annual Housing Market Survey](https://reader036.vdocument.in/reader036/viewer/2022062301/56814d5c550346895dba99b9/html5/thumbnails/55.jpg)
-9.7%
6.2%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
% chg in sale price % chg in income
Change in Buyer Household Income vs. Change in Home Prices
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77%
17.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2002 2004 2006 2008 2010
Single-Family Detached Condo/Townhome
Type of Residence
Note: Figures do not total 100% due to “other” types of homes sold.
Q. What type of residence was purchased?
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Type of Home PurchasedBy Type of Sales
Q. What type of residence was purchased?
Equity Sales REO Sales Short Sales
Single-Family Detached 76% 80% 76%
Condo/Townhome 18% 16% 19%
Mobile Home 2% 1% 1%
Other 4% 3% 5%
Total 100% 100% 100%
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Type of Home PurchasedBy Region in California
Q. What type of residence was purchased?
CaliforniaSouthern California
S.F. Bay Area
Rest Of California
Single-Family Detached 77% 71% 77% 89%
Condo/Townhome 18% 22% 20% 5%
Mobile Home 2% 2% 1% 1%
Other 4% 4% 2% 6%
Total 100% 100% 100% 100%
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Property Fallen Out of Escrow
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Reasons Why Property Fell Out of EscrowAll Homes
Q. Do you know why the property fell out of escrow previously?
2008 2009 2010 2011
Buyer changed mind and decided not to buy 33% 37% 44% 51%
Buyer could not secure a mortgage 33% 41% 30% 19% - because of his/her credit background NA NA NA 14% - because the appraised value was too low NA NA NA 5%
Lender's delay in approving the short sale NA NA NA 9%Buyer could not come up with the down payment 11% 6% 5% 4%
Seller decided not to sell 1% 0% 1% 1%
Lender's delay in approving the REO sale NA NA NA 1%
Other 22% 18% 20% 16%
Total 100% 100% 100% 100%
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Reasons Why Property Fell Out of EscrowEquity Sales
Q. Do you know why the property fell out of escrow previously?
15.0%
0.0%
1.7%
6.7%
0.0%
3.3%
18.3%
55.0%
0% 10% 20% 30% 40% 50% 60% 70%
Buyer changed mind and decided not to buy
Buyer could not secure a mortgage because ofhis/her credit background
Buyer could not secure a mortgage because theappraised value was too low
Lender's delay in approving the short sale
Buyer could not come up with the down payment
Seller decided not to sell
Lender's delay in approving the REO sale
Other
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Reasons Why Property Fell Out of EscrowREO Sales
Q. Do you know why the property fell out of escrow previously?
31.4%
0.0%
0.0%
0.0%
2.9%
5.7%
20.0%
40.0%
0% 10% 20% 30% 40% 50% 60% 70%
Buyer changed mind and decided not to buy
Buyer could not secure a mortgage because ofhis/her credit background
Buyer could not secure a mortgage because theappraised value was too low
Lender's delay in approving the short sale
Buyer could not come up with the down payment
Seller decided not to sell
Lender's delay in approving the REO sale
Other
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Reasons Why Property Fell Out of EscrowShort Sales
Q. Do you know why the property fell out of escrow previously?
7.3%
0.0%
0.0%
1.8%
25.5%
5.5%
7.3%
52.7%
0% 10% 20% 30% 40% 50% 60% 70%
Buyer changed mind and decided not to buy
Buyer could not secure a mortgage because ofhis/her credit background
Buyer could not secure a mortgage because theappraised value was too low
Lender's delay in approving the short sale
Buyer could not come up with the down payment
Seller decided not to sell
Lender's delay in approving the REO sale
Other
![Page 64: 2011 Annual Housing Market Survey](https://reader036.vdocument.in/reader036/viewer/2022062301/56814d5c550346895dba99b9/html5/thumbnails/64.jpg)
$269,326
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Median Amount Financed (New First Mortgages)
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Percent of Loans Below the Maximum Conforming Loan Limit(New First Mortgage)
97%
3%
0%
20%
40%
60%
80%
100%
2000 2002 2004 2006 2008 2010
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Conforming Loans Jumbo Loans Loan Limit
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96.6%$729,750
0%
20%
40%
60%
80%
100%
2000 2002 2004 2006 2008 2010
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Percent of Loans At or Below the Maximum Conforming Loan Limit(New First Mortgage)
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0%
20%
40%
60%
80%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
FRM ARM Other
Types Of New First Mortgages
Q. Please indicate the type of mortgage
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95%
5%0%
20%
40%
60%
80%
100%
2000 2002 2004 2006 2008 2010
FRM ARM
Share of Homebuyers Who Used ARM(First-Time Homebuyers)
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95%
6%0%
10%20%
30%
40%50%
60%
70%
80%90%
100%
2000 2002 2004 2006 2008 2010
FRM ARM
Share of Homebuyers Who Used ARM(Repeat Homebuyers)
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Sources of New First Mortgages
0%
10%
20%
30%
40%
50%
60%
70%
2000 2002 2004 2006 2008 2010
MORTGAGE BANKERS S&Ls BANKS OTHERS
Q. What type of lender funded the loan?
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FHA Loans Gained Popularity in Last 4 Years (First Mortgage)
Q. Please indicate the type of mortgage
27.7%
5.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
FHA VA
![Page 72: 2011 Annual Housing Market Survey](https://reader036.vdocument.in/reader036/viewer/2022062301/56814d5c550346895dba99b9/html5/thumbnails/72.jpg)
Proportion of Transactions With Second Mortgages
4.2%
0%
10%
20%
30%
40%
50%
60%
2000 2002 2004 2006 2008 2010
Q. In addition to the first mortgage or assumption, was there a second mortgage?
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5.3%
3.5%0%
10%
20%
30%
40%
50%
60%
70%
2000 2002 2004 2006 2008 2010
First-Time Buyers Repeat Buyers
Percent of Buyers with Second MortgageFirst-Time Buyers vs. Repeat Buyers
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7.06.0
0
2
4
6
8
10
12
14
All Sellers Second Home and Investment Home Sellers
Years Owned Home Before Selling(All Sellers and Second Home/Investment Home Sellers)
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$75,000
$59,000
$0$20,000
$40,000$60,000
$80,000$100,000$120,000
$140,000$160,000
$180,000$200,000
$220,000$240,000
2000 2002 2004 2006 2008 2010
All Sellers Second Home and Investment Home Sellers
Median Net Cash To Sellers(All Sellers and Second Home/Investment Home Sellers)
Q. What was the net cash gain or net loss to the seller as a result of this sale?
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FHA vs. Conventional(New First Mortgages)
FHA Conventional
Median Home Price $247,900 $407,000
Median Down Payment (Dollar) $9,033 $85,400
Median Down Payment (% to Price) 3.5% 20.0%
Share of All Home Sales 28.0% 66.9%Percent of Mortgages with Distressed Property 54.5% 34.8%
Percent of First-Time Buyers 65.8% 31.8%